17 Aug 2015

The Southern African Development Community (SADC) region continues to enjoy a sustained, stable and peaceful environment which stimulates economic integration and development.

So far six countries namely Botswana, Mauritius, Mozambique, Namibia, Zambia and Lesotho have held free, fair and peaceful elections since August last year.

SADC executive secretary, Dr Stergomena Tax noted during the ongoing summit that the past year had been exciting, as it ushered developments that were expected to contribute and change the socio-economic landscape of the region.

She also noted that four SADC members have made it to the list of the fastest growing economies in the developing world, while regional economic growth has reached 3.4 per cent with a single digit inflation rate of 6.3 per cent during 2014/2015.

To accelerate regional integration, Dr Tax said the region’s long-term development strategy was revised so that it catapulted industrialisation so as to stimulate economies.

Owing to the Harare extraordinary summit last April, an industrialisation strategy was approved which is expected to unlock opportunities for citizens and transform the economic base.

Key enablers of the strategy among others are value chains, infrastructure and skills development, technology, research and development while bringing the private sector as a major player.

What necessitated front loading industrialisation, said Dr Tax, was that intra-regional trade had not increased significantly despite progress made in tariff phase down through the SADC Free Trade Area.

“Through industrialisation strategy, member states will be able to beneficiate, add value, enhance capacity to produce and trade. 

The strategy is expected to unlock the vast development potential of our region and take SADC to deeper levels of integration and ultimately contribute to sustainable pattern of development,” she said.

Dr Tax said in the future, it would be critical to operationalise the SADC Regional Development Fund to provide the much needed resources to finance the regional integration agenda sustainably.

The past year has also seen SADC up its game in relation to trade with other groupings as it is part of a COMESA-EAC-SADC tripartite free trade area.

The enlarged market through the free trade area, said Dr Tax, was expected to change the deepening regional integration through expanded markets, improved infrastructure, increased investment flows and enhanced competition.

The TFTA creates an integrated market of 26 countries with a combined population of 625 million people covering half of African Union members and a combined economic base of about US 1.3 trillion.

The TFTA is expected to promote the smooth movement of goods, services and investments across borders.

Dr Tax encouraged regional leaders to strengthen and consolidate the gains made in the area of gender equality and women empowerment.

“Time is of the essence, the choices made today will shape the trajectory of SADC for decades to come,” she said. ENDS